ASIO FX Processor ME is a VST 2.0 and ASIO 2.0 host combined in a standalone application that works as a real-time multi-channel multi-effects processor.

This means that you can plug audio sources, like a guitar, microphone, external synth out for example, into input of your audio card that supports ASIO 2.0, run the ASIO FX Processor ME, select the input you would like to take the sound from and output for monitoring, load VST plugins you want to process the sound in real-time and start the streaming. The application will take the sound from card's input, pass it through the loaded VST plugin and output it back to audio card output for monitoring.